{"id":1287,"date":"2013-07-27T16:23:23","date_gmt":"2013-07-27T16:23:23","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/07\/thornes_associates_inc_investm"},"modified":"2022-03-10T16:37:50","modified_gmt":"2022-03-10T22:37:50","slug":"thornes-associates-inc-investm","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/thornes-associates-inc-investm\/","title":{"rendered":"Thornes & Associates Inc. Investment Securities\u2019 Head Gets Industry Bar for \u201cLending\u201d $4.2M of His Clients\u2019 Assets to Friends"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority says that Thornes & Associates Inc. Investment Securities President John Thomas Thornes lent $4.2 million in client assets to two friends. Following the resolution of the FINRA arbitration case<\/a>, the California broker is barred from the securities industry and his broker-dealer has been suspended, as well was expelled as a member of the SRO.<\/p>\n

The friends who received the “loans”-over 50 transactions-allegedly spent the assets on cars, vacation homes, and plane and jet rentals. Over $262,000 is said to have been turned into cashier’s checks and used at an Indian casino.<\/p>\n

Per FINRA’s complaint, however, calling the transfer of money a “loan” was not an accurate characterization, and not only were they unsecured and undocumented transactions but also they were never paid back. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Financial Industry Regulatory Authority says that Thornes & Associates Inc. Investment Securities President John Thomas Thornes lent $4.2 million in client assets to two friends. Following the resolution of the FINRA arbitration case, the California broker is barred from the securities industry and his broker-dealer has been suspended, as well was expelled as a […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3739,3741],"tags":[],"class_list":["post-1287","post","type-post","status-publish","format-standard","hentry","category-finra","category-securities-fraud"],"yoast_head":"\nThornes & Associates Inc. 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